Arizona Real Estate Notebook

The key point for me was that the median home price in Las Vegas in February 2008 ($246,500) was down 20.6 percent from February 2007. Lower home prices are mainly due to a large number of short sales, or homes sold for less than the balance owed on the mortgage, and bank-owned homes being […]

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“The market adjusted more dramatically than we anticipated,” Stark said. “If you would have told me, this market would have gotten hit 67 percent in two years, I would have said you have no idea of what you’re saying. No one expected two-thirds of the market to go away, and now we have to work […]

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… according to one guy anyway.

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Las Vegas housing market Futures contracts on the housing market that trade on the Chicago Mercantile Exchange indicate that Las Vegas, which saw for several years one of the nation’s steepest housing price escalations, now is sliding toward the country’s largest price decline. Investors expect current prices to drop 5.6 percent by May, said Justin Walters, […]

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The median existing-home price in Las Vegas was $270,000 in August, down 6.8 percent from its June 2006 peak.

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National news organizations love to use Vegas as the face of the real estate boom because of the gambling angle. There is some justification, however, for the Las Vegas real estate market being a bellwether of the national real estate market.

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Las Vegas saw the housing boom before Phoenix. Las Vegas saw housing inventory hit the teens before Phoenix (now almost a 14 months supply in the Phoenix MLS). Will Phoenix see real estate brokerages follow in the footsteps of the mortgage industry which has seen prominent firms close up shop? Jimmy Dague, who has sold […]

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When newspapers Back East write about the real estate “bust” they love to feature Las Vegas. I guess the gambling tie-in is irresistible for writers. The real estate in Vegas also seems to be hit about as hard as anywhere so it’s justifiable. If you think things are slow here, you should check […]

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Read the article to get the play by play on the Las Vegas luxury condo market. The market remains in the midst of a rebalancing from an overheated demand profile to a skeptical consumer perception.” “Rebalancing,” I like that. Nearly 56.4 percent of the luxury condo market — about 58,461 units worth — remain in the planning or […]

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I haven’t posted on Las Vegas in a long time. A lot less is being written about the Las Vegas housing market. A lot was written during the run up in prices. Then a year ago, all the talk was about a possible downturn. Now that the direction is clear, journalists […]

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Apartment lessors requested average rents of $872 during the first quarter, a 4.3 percent increase over the $836 sought in the first quarter of 2006. Las Vegas occupancy was 94.1 percent in the first quarter. It stood at 95.4 percent during the fourth quarter. And there’s this.

This note from CB Richard Ellis about a record amount of […]

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I haven’t blogged on Vegas in a while so this article on a Realtor convention in Las Vegas is a great read. I like to follow California and Las Vegas real estate to spot trends that may be coming our way. Vegas inventory has swelled to a nearly 13-month supply, according to the article! Yikes! I thought […]

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In addition, 2006 was the first year that a high-rise condo project was the number one-selling subdivision in Las Vegas. Can anyone else see the writing on the wall? I watch California and Las Vegas real estate to see trends that may be coming our way and it sure looks like high-rise condos are coming to […]

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This is an excellent article on the outlook for the Las Vegas real estate and homes market in 2007. Almost all of it applies to Phoenix and Arizona. Southern Nevada’s slumping residential real estate market will start recovering by year’s end even as other markets nationwide continue to struggle, a local economist predicts. Our quick rebound will be […]

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Get the numbers on retail real estate development in Las Vegas. Yet despite the high number of new additions and planned projects, the valley’s retail market still has near-record low-vacancy rates with pent-up demand fueled by robust residential and business growth. Asking rents, as a result, are still growing.

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Nice article summarizing the real estate market in Las Vegas in 2006. In the existing home market, closings were down nearly 23 percent through October while the median home price has increased about $4,000 since December 2005… Inventory jumped from a little over 13,000 in January and surpassed 20,000 for most of the year, a 10-month […]

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Las Vegas Valley vacancy rates are only 4 percent valley-wide, prompting owners to raise rents and limit concessions. … we are still seeing a lot of investor activity and high demand for A-type rental products,” said Bentley. “It’s going to remain a constrained market in the near future. We are forecasting a 6 (percent) to 10 […]

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Commercial developers in Vegas feeling good pretty good. Respondents were fairly optimistic about where we are headed in 2007, and expressed optimism about the economy. The survey found that 69 percent were optimistic, and 17 percent were very optimistic.

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First residential high rise condos open in Las Vegas and leads to a nice overview of high rise condos in Las Vegas. Here’s a companion article called “More residents are calling condominiums home.”

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The Las Vegas real estate industry really hammers the “land locked” angle in this article. Nevertheless, we are seeing some of the same trends like high-rise condos coming to Phoenix and Scottsdale.

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Southern Nevada’s commercial real estate industry optimistic about the health of the market today and over the next year. Nevada’s population is projected to grow 114 percent through 2030. That’s followed by 109 percent in Arizona, 56 percent in Utah, and 37 percent in California. The U.S. population is expected to grow 29 percent through 2030, […]

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